BOCA RATON, FL-Boca Colony, a 180-unit multifamily community, has traded hands. Constructed in 1986, the multifamily property is 96% occupied.

The South Florida ARA sales team, led by ARA principal Avery Klann, senior vice president Hampton Beebe and ARA principal Richard Donnellan, represented institutional advisor, Invesco Real Estate, in the sale. An affiliate of Bay Harbor Island, FL-based Atlantic | Pacific Cos. purchased the property for an undisclosed amount.

“The South Florida market continues to show improvement in occupancies and net rent increases in almost every submarket but Boca Raton has outpaced the general market,” Beebe tells GlobeSt.com. “Boca Raton has a diverse job market that is showing positive growth. Institutional and private investors recognize Boca Raton as a well-rounded market with solid schools, great access to high end shopping and leisure activates. Everything you would expect from one of South Florida’s top coastal cities. “

ARA reports investor interest in the multifamily community was strong, resulting in ARA conducting 59 tours in just a one-month period. Part of the attraction is the location. Boca Colony is located within the Boca Del Mar PUD, a 2,000-acre master planned community.

Boca Colony is located on the north side of the Country Club at Boca Raton within the PUD, offering an 18-hole par 70 championship golf course, golf range, practice greens, golf shop, a tennis center with six state-of-the-art Har-Tru courts and renovated clubhouse with restaurants and banquet areas.

Klann notes that Invesco had previously implemented a modest interiors upgrade program in 80% of the units that positively impacted rent premiums at the time. In a statement, Randy Weisburd, COO of Atlantic | Pacific Cos. added, “This property has untapped upside potential and the implementation of an enhanced upgrade program will allow A|P to further increase value.”